Thursday, August 11, 2011

El Paso Pipeline Partners second quarter profit up 33 percent

Second-quarter earnings for El Paso Corp. (NYSE: EP) rose 67 percent on strong exploration and production profit growth. For the latest period, El Paso Corp. posted a profit of $262 million, or 34 cents a share, up from $157 million, or 21 cents a share, a year earlier. Excluding items such as derivatives impacts, earnings climbed to 25 cents from 22 cents. Analysts surveyed by Thomson Reuters expected earnings of 24 cents.

El Paso Pipeline Partners LP (NYSE: EPB) saw second quarter earnings rise 33 percent. El Paso Partners reported earnings of $116 million, or 50 cents a unit, up from $87 million, or 45 cents a unit, a year earlier. Operating revenue climbed 9.1 percent to $358 million. Analysts expected earnings of 53 cents and revenue of $354 million.

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